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Bolivia accuses PdV of funneling cash to Evo

  • Market: Crude oil, Natural gas, Oil products
  • 10/01/20

Bolivia's interim government is accusing Venezuela's state-owned PdV of funneling cash to exiled former president Evo Morales to destabilize his estranged country.

Bolivian police raided PdV's La Paz office on 8 January and arrested PdV Bolivia deputy manager Maria Palacios at the El Alto airport carrying an undeclared $100,000 on her way to Buenos Aires. The prosecutor's office has not ruled out summoning PdV Bolivia executives, including the subsidiary's top local executive Martha Gabriela Ortega, who has held several overseas posts for PdV.

Bolivia's government minister Arturo Murillo alleges that Palacios was ferrying the cash to Morales for a 22 January political rally at a Buenos Aires stadium, and had registered dozens of suspicious trips to Argentina and Paraguay in recent months.

Palacios denied the allegations, asserting that the funds were earmarked to pay PdV Argentina expenses.

PdV headquarters in Caracas has not commented. The socialist Venezuelan government of president Nicolas Maduro was a close political ally of Morales, who held power in Bolivia since 2006. Despite his nationalist rhetoric and tough contract terms, Morales provided a stable operating environment for foreign oil companies in the landlocked country, including European firms Repsol, Total and Shell.

Conservative Bolivian senator Jeanine Anez assumed the interim presidency in La Paz in November 2019 days after Morales resigned and fled to Mexico. Now in Argentina, Morales claims he was the victim of a coup in the wake of a disputed 20 October election in which he had declared victory for a fourth presidential term, igniting weeks of violent clashes.

Argentina's new government, which pivoted the country away from an international coalition supporting the US-backed Venezuelan opposition, concurs that Morales was forced out of power and granted him asylum in December. But president Alberto Fernandez has not fully embraced Venezuelan president Nicolas Maduro. Earlier this week, the Argentinian government criticized the US-sanctioned Maduro government for trying to thwart a National Assembly leadership vote critical to Venezuelan opposition leader Juan Guaido. Yet at the same time, Argentina has stripped the diplomatic credentials of Guaido's envoy in Argentina.

The Bolivian government accuses Morales of terrorism and sedition and is seeking to apprehend him through Interpol. Murillo said the new authorities are shutting down vast cocaine production operations and tackling corruption they say thrived during the Morales era. Morales denies any wrongdoing and accuses the Anez government of attacking him for his socialist policies and indigenous heritage.

The discord between Bolivia and Argentina has not impacted Bolivian pipeline gas supply to Argentina, which averaged 11.6mn cm/d in December. Argentina's domestic shale gas production is rising, but the country still relies on Bolivian gas to supply its northern regions.

By Patricia Garip


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08/04/25

Kazakhstan continues to massively exceed Opec+ target

Kazakhstan continues to massively exceed Opec+ target

London, 8 April (Argus) — Kazakhstan does not expect any major reduction in crude output in April after massively exceeding its Opec+ target in March. Kazakhstan's crude production rose by 43,000 b/d to a record 1.79mn b/d in March, deputy energy minister Alibek Zhamauov said today, putting it 322,000 b/d above its Opec+ target of 1.468mn b/d. He added that Kazakhstan has not yet been able to agree with international oil companies operating the country's largest fields about reducing output. Kazakh production has surged following a major output increase at the Chevron-led Tengiz field in January — part of the field's future growth project (FGP). Zhamauov said that there has not yet been any agreement on reducing Tengiz output as it "is a very challenging action, especially for Chevron [which] spent $50bn on the FGP project [and] told us it's not possible for them to reduce output". Tengiz production hit 901,000 b/d in March, Zhamauov said, compared to previous levels of 600,000-660,000 b/d. Kazakhstan's second-largest oil field, Kashagan, which is also operated by international firms, produced 387,000 b/d in March, he said. Neither are expected to reduce output in April, he added. Zhamauov said that Kazakhstan will try to reduce output from smaller fields operated by domestic producers such as state-controlled Kazmunaigaz. But any decrease from these fields will not be enough to offset the rise from Tengiz. Kazakhstan remains one of the Opec+ alliance's largest overproducers, despite repeatedly pledging to compensate for exceeding its target since January 2024. This has frustrated other Opec+ members, which have largely stuck to their production targets. Kazakhstan's compensation plan states its March production should have been 1.43mn b/d. Kazakhstan's continued overproduction is understood to have contributed towards the decision by Opec+ members to start increasing output from April . Zhamauov said that Kazakhstan's crude production and exports have not been impacted by the closure of two single-point moorings (SPMs) at the Caspian Pipeline Consortium (CPC) terminal on Russia's Black Sea coast late last month. Kazakhstan's crude exports were 1.41mn b/d in March, up from 1.39mn b/d in February, while refinery runs were 370,000 b/d, up by 22,000 b/d, Zhamauov said. Condensate production was 290,000 b/d, compared to 278,000 b/d in February. This brings Kazakhstan's total liquids production in March to 2.08mn b/d. By Aydin Calik Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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US tariffs set to rise despite Trump talk of deals


08/04/25
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08/04/25

US tariffs set to rise despite Trump talk of deals

Washington, 8 April (Argus) — Punitive taxes on imports from key US trading partners are set to rise on Wednesday despite President Donald Trump's claims of multiple trade deals in the making. Trump's 10pc baseline tariff on imports nearly every foreign country already went into effect on 5 April. The higher, "reciprocal" taxes will go into effect as scheduled, at 12:01am ET on 9 April, US trade representative Jamieson Greer told the Senate Finance Committee today. Trump, via his social media platform, said today he discussed a possible trade deal with South Korea and added that "we are likewise dealing with many other countries, all of whom want to make a deal with the United States." Greer told the Senate panel that more than 50 countries have reached out to the US to negotiate trade deals. Treasury secretary Scott Bessent separately claimed that more than 70 countries are interested in a trade deal with the US. Both Democratic and Republican senators on the Senate panel pressed Greer to explain whether negotiations would result in lowering tariff rates. But Greer outlined a process that he expects would lower foreign countries' tariff rates on US products and commit them to buy more US energy and other products. "There are things we can do with our trading partners, things that aren't always purely in the trade sector," Greer said. Possible subjects for trade negotiations could involve "export controls alignment or investment screening, alignment on energy, making sure that our partners are tied up with us with respect to LNG and other resources, as opposed to being dependent on other countries." The US is primarily looking to reduce trade deficits with those countries, Greer said. "What we have told them is, 'if you have a better idea to achieve reciprocity and to get our trade deficit down, we want to talk to you.'" Trump, in turn, suggested that a possible deal with South Korea could include "large scale purchase of US LNG" and "their joint venture in an Alaska Pipeline". The latter is a reference to the planned 20mn t/yr Alaska LNG project, which would be the most expensive liquefaction facilities ever built in the US if it becomes a reality. Trump has talked up potential support for Alaska LNG from Japan, South Korea and Taiwan for months. But the three countries still became subject to high tariffs. By Haik Gugarats Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Libyan crude exports to rise 6pc in April


08/04/25
News
08/04/25

Libyan crude exports to rise 6pc in April

London, 8 April (Argus) — Libyan crude exports are scheduled to rise by 6pc on the month in April, according to loading programmes. Final April loading schedules for all 12 of the country's crude grades show total exports at 1.23mn b/d this month, around 65,000 b/d higher than the March programme . Loadings of Libya's flagship crude, medium sweet Es Sider, are scheduled to fall by 7pc on the month to 347,000 b/d across 16 cargoes. But exports of all the other grades are scheduled to rise, including a 53pc increase in combined loadings of Sarir and Mesla. April exports of light sweet Esharara, Libya's second-largest export grade, are set at 210,000 b/d across 10 cargoes, up by 3pc compared with the March plan. By Ellanee Kruck Libyan crude exports 000 b/d Grade Loading port April March ±% Es Sider Es Sider 347 374 -7 Esharara Zawia 210 203 3 Sarir/Mesla Hariga 200 131 53 Amna/Sirtica Ras Lanuf 140 135 4 Mellitah Blend Mellitah 100 97 3 Bu Attifel/Zueitina Zueitina 93 90 3 Brega Brega 100 97 3 Al Jurf Farwah 20 19 5 Bouri Bouri 20 19 5 Total 1,230 1,165 6 Send comments and request more information at feedback@argusmedia.com Copyright © 2025. Argus Media group . All rights reserved.

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Italy's Augusta refinery begins restart operations


08/04/25
News
08/04/25

Italy's Augusta refinery begins restart operations

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US mid-Atlantic gas prices may rise on cold


08/04/25
News
08/04/25

US mid-Atlantic gas prices may rise on cold

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